Press
NCUA permanent funds earn clean audit opinions for 2014
Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF
ALEXANDRIA, VA (February 18, 2015) — The National Credit Union Administration’s four permanent funds have received unmodified, or “clean,” audit opinions for 2014, according to audited financial reports released today by the Office of the Inspector General.
The audited financial reports by the independent auditor KPMG LLP cover the National Credit Union Share Insurance Fund, the Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.
“Again this year, our independent auditors have given our permanent funds clean opinions, reflecting the prudent management NCUA exercises,” NCUA Board Chairman Debbie Matz said. “The complete financial reports are made public as part of our ongoing commitment to provide transparency to credit unions and their members about NCUA’s operations.”
With more than $11.9 billion in total assets as of Dec. 31, 2014, the Share Insurance Fund protects individual deposits up to $250,000 for more than 98 million consumers at 6,350 federally insured credit unions.
KPMG LLP completed the audits of all four permanent funds. KPMG expects to issue an opinion on the 2014 financial statements for the Temporary Corporate Credit Union Stabilization Fund in March. The Stabilization Fund earned a clean audit opinion for 2013.
The complete financial reports are available online here.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.